I took the time to watch the speech from Governor Carney. He covered all points which were expected , as well as the welcome easing of banks liquidity requirements to those attaining the capital ratio targets. Overall I would suggest that he was doveish on interest rates; making the point more than once that when unemployment comes down to the 7% trigger, all that does is restart a review of where the economy is heading – rather than leading to the certainty of higher rates.
He made the wider point that recovery in the UK was considerably behind that of the US, and implied that any rolling back of the stimulus package in the US would not signal a similar move here.
Overall, a very competent and confidence building debut speech. Certainly not enough new in it to make exciting headlines, and nowhere near as important as the public`s deepening concern about the reaction of the US/UK/France in Syria.
Not a huge fan of the UN but very pleased to see the Secretary General buying a bit of reflection time by outlining the time it takes to fully understand and analyse the weapons inspectors reports. He suggested that it would take at least until Sunday…good man.
